Many people think of large national banks when they think of banking. However, regional banks can often offer a more personalized and localized banking experience. They may also have lower interest rates and fees on loan products and higher rates on deposit accounts than larger banks.
Additionally, regional banks tend to be more supportive of local businesses and communities, making them an ideal choice for individuals looking for a more personal experience.
Best Regional Banks of 2023
As you consider your options, we have curated a list of the top regional banks in various regions across the United States, highlighting their standout features to help you make an informed decision.
These banks offer competitive rates, a wide variety of products and services, and knowledgeable staff to assist you. This list is a great place to start if you’re looking for a new place to do your banking or simply want to compare your current bank to others in your area.
Best Regional Banks in the West
East West Bank
Founded in 1973, East West Bank has its headquarters in Pasadena, California, marking a strong presence, especially in the West and Southeast regions of the US, extending internationally with facilities in China and Hong Kong. Across over 120 branches, it offers a spectrum of financial tools for both individual and business customers, including various deposit accounts, loan options, and investments.
To make banking easier and more convenient for its diverse customers, East West Bank also offers a user-friendly online platform and mobile app.
First Interstate Bank
First Interstate Bank, with its headquarters in Billings, holds the title of Montana’s largest bank and ranks 73rd in the US. Established over a century ago in 1916, it has sustained growth, now housing 313 locations spread across several states such as Oregon, South Dakota, and Wyoming.
The bank showcases a deep-rooted history coupled with a contemporary approach to financial services, offering stability and reliability to its customers.
Founded in 1953, Umpqua Bank is currently the largest bank in Oregon and holds the 75th position nationwide. Operating out of Roseburg with 219 locations, it seeks to simplify banking through digital advancements.
The Go-To app is a testament to this, allowing users to text a banker for advice and queries. Moreover, it offers a range of checking and money market accounts with low minimal deposit requirements for opening a money market or savings account, catering to a broad spectrum of clientele.
Based in Salt Lake City, Utah, Zions Bank has been a leading bank since its foundation in 1873. With a network exceeding 430 branches, it predominantly serves the Western states, particularly Utah and Idaho, offering solutions to individual, small business, and corporate clients.
The bank showcases a variety of products including checking, savings, CDs, and money market accounts. Clients can also explore loan and mortgage options tailored to various needs. Additionally, it offers reliable online and mobile banking platforms for easy account management. Zions Bank stands as a solid choice for those seeking a bank with a longstanding history and a community-focused approach.
Best Regional Banks in the Southwest
BOK Financial, the largest bank in Oklahoma and the 55th in the US, began its operations in 1910. Headquartered in Tulsa, it boasts 118 locations.
The bank facilitates a wide range of products such as savings and checking accounts, money market offerings, CDs, IRAs, alongside credit card services and mortgage options, presenting a diversified portfolio for its customer base.
First National Bank Texas
First National Bank Texas (FNBT) initiated its operations in 1901 in Killeen, Texas. Fast-forward to today, it commands a presence through over 300 locations stretching across Texas, New Mexico, and Arizona.
FNBT curates a rich assortment of personal banking products, including versatile checking, savings, money market accounts, and CDs, aiming to cater to the multifaceted financial needs of its diverse customer base.
Situated in San Antonio, Texas, Frost Bank has been a reliable bank since its establishment in 1868. With 171 branches and a massive network of 1,700 ATMs, it mainly services Texas’ larger metro areas.
Beyond the conventional deposit accounts, Frost Bank provides loans, investments, insurance, and wealth management services, strategically designed to foster financial growth and stability.
MidFirst Bank holds the distinction of being the largest privately-owned bank in the US. Based in Oklahoma City, it operates 75 branches chiefly in Oklahoma, Arizona, and Colorado.
MidFirst offers an array of banking solutions, incorporating different types of checking accounts with favorable terms, including options to waive monthly service fees, thereby adding a layer of convenience for its customers.
Best Regional Banks in the Midwest
Arvest Bank is based in Bentonville, Arkansas, overseeing more than 240 branches across Arkansas, Kansas, Oklahoma, and Missouri. The bank offers a variety of banking products including checking, savings, money market accounts, and CDs.
Its highly-rated mobile banking app facilitates easy banking on the go. Notably, only residents of the four states it operates in can open accounts online, ensuring a focused service.
BMO Harris Bank
Through the acquisition of Bank of the West, BMO Harris added 500 new locations, bringing its reach to 32 states in the U.S. and elevating its status as one of the country’s largest banks. This move enables the bank to offer services to more than 7 million customers.
In addition to its free checking account, BMO Harris Bank is part of the Allpoint ATM network, with fee-free access to over 40,000 ATMs nationwide. The bank also offers credit builder loans.
Fifth Third Bank
Originating from Cincinnati, Fifth Third Bank serves a substantial network in 11 states through more than 1,100 branches. It offers a broad spectrum of products, including diverse checking and savings accounts, and a favorable range of CD terms.
The Fifth Third Momentum Checking account is notable for having no monthly service fee and offering access to over 50,000 ATMs fee-free, backed by a well-rated mobile app that offers 24/7 accessibility.
Huntington National Bank
Primarily operating in the Midwest and the South, Huntington Bank is a reliable financial institution with over 1,100 branches across 12 states. It stands as a full-service bank that offers not just banking services but also delves into wealth management and insurance sectors.
The bank offers a free checking account and a unique 24-hour overdraft forgiveness feature, which affords an extra day to cover overdrafts, avoiding potential fees, adding a layer of security and convenience.
Best Regional Banks in the Southeast
Established in Tupelo, Cadence Bank is the largest bank in Mississippi, and it holds the 51st position nationally. With 448 locations in six states, including Alabama and Texas, it offers an expansive range of services to its customers.
Beyond the standard checking and savings accounts, it provides options for credit cards, lines of credit, and mortgages, catering to various needs.
First Citizens Bank
First Citizens Bank has a long history dating back to 1898 in North Carolina. Today, it operates 586 branches in 22 states, presenting a rich array of products such as checking, savings, CDs, and investment and insurance services.
It promotes easy and accessible banking with free checking and savings account options that require a low minimum deposit, facilitating effortless financial management for a wide customer base.
SouthState Bank, which opened in 1992 in Winter Haven, is the largest regional bank in Florida. Operating over 240 branches in six states, including Virginia and South Carolina, it offers an extensive range of banking and investment products.
The bank stands ready to serve both individuals and businesses, providing them opportunities to manage and grow their financial assets effectively.
Synovus Bank, with its base in Columbus, Georgia, has 309 branches in states including Florida and Tennessee. As a financial institution, it aims to empower its customers to reach their objectives through a comprehensive suite of services encompassing loans, deposit products, and wealth management.
With Synovus Bank, you can get a free checking account, and use Publix Presto ATMs surcharge-free. In addition, its financial planning and investment options are designed to assist investors in making informed decisions and achieving their goals.
Best Regional Banks in the Northeast
Fulton Bank, based in Lancaster, Pennsylvania, operates over 250 branches across five mid-Atlantic states, namely Delaware, Maryland, New Jersey, Pennsylvania, and Virginia.
The bank offers a rich array of personal bank accounts, providing choices for checking, savings, money market accounts, and certificates of deposit to cater to varied customer needs and preferences, promising convenience and reliability.
M&T Bank is a major regional bank headquartered in Buffalo, New York, serving customers in 13 states, with a strong presence in New York, Connecticut, Maryland, Pennsylvania, and New Jersey.
The bank offers a wide range of financial products, including checking and savings, loans, retirement accounts, credit and debit cards, and investment services. With M&T Bank’s basic checking account, there’s no monthly fee.
Valley National Bank
Valley National Bank, initiated in 1927 with headquarters in Wayne, New Jersey, offers its services through 200 branches that are strategically positioned across several states such as Florida and Illinois.
It offers different types of checking accounts, like Rewards Checking and Interest Checking, allowing customers to choose an account that fits their financial goals and helps them stay ready for the future.
Headquartered in Stamford, Connecticut, Webster Bank manages 177 branches spread across states like Massachusetts and New York. It extends a comprehensive range of financial products consisting of not just checking, savings, and money market accounts but also CDs and lending products.
With a portfolio of five different checking accounts, including an Opportunity Checking account for those eyeing second-chance banking, it strives to meet diverse banking requirements, ensuring inclusivity for all.
Big Regional Banks with Locations in Multiple Regions
Originating from Providence, Rhode Island, Citizens Bank stands as the 15th largest bank in the US, with a notable presence spanning over 11 states in New England, the Mid-Atlantic, and the Midwest through over 1,000 branches.
Customers can access a myriad of services including retail, small business, and commercial banking products. Adding to its impressive portfolio are the online-only savings accounts and CDs featuring competitive rates and the advantage of no monthly fees, making savings a more fruitful endeavor for its clientele.
KeyBank, based in Cleveland, Ohio, commands a substantial network of over 1,000 full-service branches dispersed across 15 states. The institution maintains a reputation for sterling customer service, available round the clock via phone support.
Besides standard banking utilities like personal checking and savings accounts, clients can opt for money market accounts and CDs, facilitating a wholesome banking experience grounded in convenience and efficiency.
With Birmingham, Alabama as its headquarters, Regions Bank is recognized as the largest banking institution in the state, boasting a formidable presence with over 1,500 branches in 15 states, predominantly in the South and Midwest. It assures customers of continuous service availability with its 24/7 phone customer service.
The bank embraces modernity by providing digital banking features including easy account management and remote check deposit, promising a seamless banking experience in the digital age.
Operating mainly along the East Coast with Cherry Hill, New Jersey as its hub, TD Bank, the ninth-largest bank in the nation, maintains 1,200 branches in 15 states.
It presents an expansive range of financial products, from standard bank accounts to certificates of deposit and credit cards. The bank showcases a customer-centric approach with its physical locations operating extended hours, meeting the diverse scheduling needs of its patrons.
Truist Bank is based in Charlotte, North Carolina, with a presence in 17 states and the District of Columbia. With over 2,100 branches, the bank primarily serves customers in the South, but also has locations in Indiana, Maryland, Ohio, and Pennsylvania.
Customers have the luxury to choose from a broad spectrum of banking products including, but not limited to, money market accounts and credit cards, fostering a flexible and personalized banking environment.
U.S. Bank, the fifth-largest bank in terms of assets, calls Minneapolis its home, with its branches mostly spread over the Western and Midwestern parts of the country through an extensive network of over 2,000 branches in 26 states.
The bank accommodates its customers with a vast network of ATMs, including those affiliated with the MoneyPass network. Clients have the convenience to open a bank account both in-person or online, enjoying a highly rated mobile app, which fosters an efficient and user-friendly banking experience.
Factors to Consider When Choosing a Regional Bank
Selecting the best regional bank necessitates careful consideration of a range of factors to cater to your unique financial requirements. Delve deeper into each vital aspect as you make your choice:
Location: When opting for a regional bank, it’s crucial to verify that the bank has branches and ATMs at locations that are convenient for you, preferably close to your residence or place of work. This facilitates easy access to banking services and ensures that you can carry out necessary transactions without any hassles.
Fees: An essential step in selecting the right bank is conducting a meticulous comparison of the various fees imposed by different banks. This encompasses a range of charges such as monthly maintenance fees, overdraft fees, and ATM fees. By ensuring that these are reasonable and competitive, you can avoid undue financial strain and enjoy a cost-effective banking experience.
Interest rates: To take advantage of the best possible deals, it is essential to compare the interest rates and annual percentage yields (APYs) offered on products such as checking and savings accounts, along with loan offerings. Higher APYs on savings accounts mean greater earnings, while lower interest rates on loans translate to reduced costs.
Online and mobile banking: In the digital age, having a user-friendly online banking platform and a reliable mobile app is almost non-negotiable. Evaluate the digital amenities offered by various banks to make banking more convenient. It should ideally allow you to manage your accounts, pay bills, and perform other banking tasks effortlessly from your devices.
Customer service: Customer service plays a significant role in determining the quality of your banking relationship. Therefore, it’s advisable to investigate the bank’s reputation in this domain. Utilize reviews and feedback from other customers and perhaps seek recommendations from acquaintances to gauge the bank’s proficiency in assisting its customers effectively and courteously.
Security: banking involves sharing sensitive personal and financial information, making it fundamental to opt for a bank that assures robust security protocols. Delve into the protective measures the bank has instituted to safeguard your information from unauthorized access and fraud, ensuring peace of mind in your banking endeavors.
Frequently Asked Questions
What are regional banks?
Regional banks, as per the Federal Reserve Board, are financial institutions with assets between $10 billion and $100 billion, putting them in between community banks and larger national or international banks. However, the definition may vary among different sources.
These banks serve a designated geographic region, usually within one state or a few states, and offer a variety of commercial banking services like checking accounts, savings, mortgage loans, and more.
How do regional banks differ from national banks?
National banks cater to a broad geographical area, spanning across several states and sometimes the entire country. Unlike national banks, regional banks concentrate more on meeting the requirements of their local communities. The scope of service for regional banks can greatly differ, with some serving small areas, while others offer assistance to larger territories.
What’s the difference between a regional bank and a community bank?
Regional banks are typically bigger and offer a wider range of capabilities compared to community banks. They have multiple branches and ATMs across a state or region, and provide more advanced financial products.
In contrast, community banks are focused on serving the local community and are generally smaller with fewer branches. They put a strong emphasis on personal banking solutions like deposit accounts, home loans, and consumer loans. They also have close ties to the community and often prioritize lending to small businesses and community organizations.
What are some benefits of using a regional bank?
Regional banks often provide a more personal touch and in-depth local knowledge. Moreover, they are connected to the community and offer more flexible lending options. Furthermore, regional bank fees tend to be lower than bigger banks.
For those who prioritize low fees, online banks are another option to consider. These banks, also known as digital or online-only banks, have the lowest fees of all banking options, thanks to their lower overhead expenses. They pass the savings on to their customers.
Are there any downsides to using a regional bank?
Regional banks may have fewer branches and ATMs compared to big banks, which can be a disadvantage for some customers. Moreover, they may not offer as many types of accounts or financial products as large banks.
What should I consider when picking a regional bank?
When choosing a regional bank, consider elements like its reputation, monthly fees, and available accounts. Furthermore, think about its proximity and if it provides digital banking features.
Can I open an account with a regional bank if I don’t live in the region they serve?
It depends on the bank’s policies. Some regional banks may require that you live in the region they serve to open a bank account, while others may be more flexible.
How many regional banks are there in the U.S.?
Based on the Federal Reserve Board’s definition of a regional bank, of $10 billion to $100 billion in assets, there are around 120 regional banks in the U.S.
What should I know about investing in regional bank stocks?
When investing in regional bank stocks, it is crucial to assess the bank’s financial health, including its growth prospects and adaptability to market trends and digital transformations. Understanding the economic conditions of the communities the bank serves can also be vital. Always be aware that investments carry risks, and it is beneficial to seek advice from a financial advisor.